Trump has banned Venezuelan cryptocurrency in the US

David Smolansky a leader in exile of Venezuela’s opposition in Washington DC

The executive order has banned all transactions from taking place in the USA related to "any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018", basically, the petro.

Trump's executive order preventing any US involvement in Caracas's new digital currency applies to USA citizens or anyone operating within the United States using the currency on or after January 9. Treasury Secretary Steven Mnuchin said at a news conference following the announcement that the order was, as expected, meant to restrict the Venezuelan government's access to capital. Venezuelan President Nicolas Maduro said each Petro token would be backed by one barrel of the state's oil. After years of profound mismanagement, the Venezuelan government accomplished the impossible: It turned an oil-rich country - once the rising star of Latin America - into possibly the most distorted economy on the planet.

As Maduro has shown limitless creativeness in attempting to remain in power forever, he has also showed boundless evil by ignoring the humanitarian crisis that have brought tragedy and despair to millions of Venezuelans, many of whom have nearly no choice but to flee their country in order to survive.

Coin Center executive director Jerry Brito said in a statement that there is "nothing new" about the USA issuing sanctions: "While Venezuela's attempt to issue a cryptocurrency is novel, there's nothing new about the US restricting financial dealings with sanctioned countries".

The problem for the ICO sale is that there is hardly any serious investor in the world that takes the Venezuelan government's word seriously. The White House has also blocked prohibited USA banks from purchasing new Venezuelan deb, starving Maduro's government of much-needed cash.

It comes as the South American nation's political crisis continues to result in shortages of food, medicine, and other basic necessities across the country.

But the truth is that with or without sanctions - on bonds or now on cryptocurrencies - the Venezuelan government won't be able to finance itself any further: its own incompetence is the worse sanction of all.

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Doing so could impact civilian Venezuelans, as well as the government, and could have a destabilizing impact on the entire economy in the Caribbean, not to mention a harmful effect on the USA economy as well, a US official told reporters Monday.

"We have many options for Venezuela, including a possible military option, if necessary", Trump told reporters, also last August.

The Venezuelan government has been under pressure to stabilize the country as record money outflows and falling revenues from oil sales have hampered the economy in recent years.

Sen. Marco Rubio (R., Fla.) applauded Monday's action against Venezuela.

The U.S. president was previously said to be preparing to sign an executive order imposing additional sanctions on the South American nation for its attempt to bypass existing economic restrictions, McClatchy DC reported on Friday.

At the time, USA lawmakers like Sens.

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